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There are no current short positions above 0.5% in FAROE PETROLEUM PLC

Posts: 261
Opinion: Sell
Posted: January 3, 2019

MANDATORY CASH OFFER FOR FAROE PETROLEUM BY DNO

My personal opinion is DNO will be unsuccessful and Faroe will reject this offer, again. Personally, I'd sell now at the current share price of 152.50 and buy the shares back when the SP drops below 142.00 after 16 January.

Best of luck to all holders.

RNS Number : 0969M
DNO ASA
03 January 2019

Not for release, publication or distribution, in whole or in part, in or into any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction

FOR IMMEDIATE RELEASE


3 January 2019

MANDATORY CASH OFFER

FOR

FAROE PETROLEUM PLC

BY

DNO ASA

· DNO has acquired additional Faroe Shares today and increased its holding to 30 percent of Faroe's Shares

· DNO's Offer of 152 pence for each Faroe Share is now a mandatory offer under the Code (Rule 9)

· Faroe Shareholders who have previously accepted the Offer need take no further action

Oslo, 3 January 2019 - On 12 December 2018, DNO ASA ("DNO"), the Norwegian oil and gas operator, published an offer document (the "Offer Document") containing the full terms and conditions of its cash offer for the entire issued and to be issued share capital of Faroe Petroleum plc ("Faroe") not already owned by DNO at 152 pence per share (the "Offer").

Earlier today DNO announced its intention to extend the closing date for the Offer by a further 14 days to 1.00 p.m. (London time) on 16 January 2019.

DNO has through market purchases acquired 372,890 Faroe Shares for between 147 pence and 148 pence per Faroe Share, which has increased DNO's holding to 30 percent of the Faroe Shares currently in issue. Having acquired Faroe Shares carrying 30 percent or more of the voting rights of Faroe, DNO is required to revise the terms and conditions of the Offer in accordance with Rule 9 of the Code.

The Mandatory Offer

DNO announces that the Offer is now a mandatory offer for the whole of the issued and to be issued share capital of Faroe not already held by DNO at a price of 152 pence per share (the "Mandatory Offer").

The Mandatory Offer is also now being further extended in accordance with Rule 9 of the Code and will remain open for acceptances until 1.00 p.m. (London time) on 18 January 2019 (the "Second Closing Date").

If, after the date of this announcement, any dividend and/or other distribution and/or other return of capital is declared, paid or made or becomes payable in respect of Faroe Shares, DNO reserves the right to reduce the consideration payable under the terms of the Mandatory Offer at such date by an amount up to the amount of such dividend and/or distribution and/or return of capital. If any such dividend and/or distribution and/or return of capital occurs, any reference in the Offer Document or this announcement to the consideration payable under the Mandatory Offer will be deemed to be a reference to the consideration as so reduced.

Offers made under Rule 9 of the Code must be conditional only upon the offeror having received acceptances in respect of shares which, together with shares acquired or agreed to be acquired before or during the offer, will result in the offeror and any person acting in concert with it holding shares carrying more than 50 percent of the voting rights. Accordingly, the Conditions set out in Part A of Appendix 1 of the Offer Document shall immediately cease to apply and shall be replaced in their entirety by the following condition (the "Condition"):

"Valid acceptances being received (and not, where permitted, withdrawn) by not later than 1.00 p.m. (London time) on the Second Closing Date of the Mandatory Offer (or such later time(s) and/or date(s) as DNO may, subject to the rules of the Code, decide) in respect of such number of Faroe Shares as, together with any Faroe Shares acquired or agreed to be acquired (whether pursuant to the Mandatory Offer or otherwise), will result in DNO and any person acting in concert with it holding Faroe Shares carrying more than 50 percent of the voting rights then normally exercisable at a general meeting of Faroe, including for this purpose (to the extent, if any, required by the Panel) any voting rights attaching to Faroe Shares that are unconditionally allotted or issued before the Mandatory Offer becomes or is declared unconditional as to acceptances, whether pursuant to the exercise of any outstanding subscription rights or conversion rights or otherwise. For the purpose of this condition:

(i) Faroe Shares which have been unconditionally allotted but not issued shall be deemed to carry the voting rights which they will carry upon issue; and

(ii) valid acceptances shall be deemed to have been received in respect of Faroe Shares which are treated for the purposes of the Companies Act 2006 as having been acquired or contracted to be acquired by DNO whether by virtue of acceptances of the Mandatory Offer or otherwise."

Save as set out in this announcement, the Mandatory Offer will be subject to the same terms as the Offer set out in the Offer Document.

Faroe Shareholders and persons with information rights will be sent a copy of this announcement to inform them that the Offer has changed from being voluntary to mandatory in nature.

Faroe Shareholders who have previously validly accepted the Offer (and have not withdrawn those acceptances) will automatically be deemed to have accepted the Mandatory Offer by virtue of their prior acceptances and therefore need take no further action.

All Faroe Shareholders are urged to proceed to accept the Mandatory Offer in accordance with the instructions set out below (unless they have previously accepted or sold their Faroe Shares to DNO).

Financing of the Mandatory Offer

The consideration payable by DNO under the terms of the Mandatory Offer will be funded from cash resources available to the DNO Group.

Lambert Energy Advisory Ltd is satisfied that resources available to DNO are sufficient to satisfy in full the cash consideration payable to Faroe Shareholders under the terms of the Mandatory Offer.

How to accept the Mandatory Offer

The deadline for acceptances of the Mandatory Offer is 1.00 p.m. (London time) on 18 January 2019. DNO reserves the right (but will not be obliged, other than as may be required by the Code) at any time and from time to time to extend the Mandatory Offer after such time in accordance with the terms set out in Part C of the Offer Document. Faroe Shareholders who have not yet accepted the Offer and who wish to accept the Mandatory Offer are urged to do so as soon as possible and, in any event, by no later than 1.00 p.m. (London time) on 18 January 2019.

Faroe Shareholders wishing to accept the Mandatory Offer in respect of certificated Faroe Shares, should complete the Form of Acceptance which accompanied the Offer Document relating to the Offer as soon as possible and, in any event, so as to be received by Equiniti Limited by no later than 1.00 p.m. (London time) on 18 January 2019.

Faroe Shareholders wishing to accept the Mandatory Offer in respect of uncertificated shares should do so electronically through CREST so that the TTE instruction settles no later than 1.00 p.m. (London time) on 18 January 2019. You are reminded that, if you are a CREST sponsored member, you should contact your CREST sponsor before taking any action.

Pursuant to the terms of the Offer Document, Faroe Shareholders who have previously validly accepted the Offer (and not withdrawn those acceptances in accordance with the terms of the Offer Document) will automatically be deemed to have accepted the terms of the Mandatory Offer by virtue of their prior acceptances and therefore need not take any further action.

If you have any questions about the Mandatory Offer or are in any doubt as to how to complete the Form of Acceptance or the making of an Electronic Acceptance (as the case may be), please contact Equiniti Limited on 0333 207 6399 or +44 121 415 0973 (if calling from outside the UK). Lines are open from 8.30 a.m. to 5.30 p.m. (London time) Monday to Friday (excluding English and Welsh public holidays).

Compulsory acquisition, cancellation of trading and listing, re-registration

DNO announced, as set out in the Offer Document, that subject to the Mandatory Offer becoming or being declared unconditional in all respects and DNO acquiring or agreeing to acquire (taken together with the Faroe Shares already held by it) 75 percent of the voting rights attached to Faroe Shares, it intends to procure the making of an application by Faroe to the London Stock Exchange for the cancellation of the admission to trading of the Faroe Shares on AIM.

It is anticipated that the application for cancellation of admission to trading of the Faroe Shares on AIM will take effect no earlier than the date that is 20 Business Days after DNO has acquired or agreed to acquire 75 percent of the voting rights attaching to the Faroe Shares.

The cancellation of admission to trading of the Faroe Shares on AIM would significantly reduce the liquidity and marketability of any Faroe Shares not assented to the Mandatory Offer at that time.

If DNO receives acceptances under the Mandatory Offer in respect of, or otherwise acquires, 90 percent or more of the Faroe Shares to which the Mandatory Offer relates, DNO will exercise its rights pursuant to the provisions of Chapter 3 of Part 28 of the Companies Act to acquire compulsorily the remaining Faroe Shares in respect of which the Mandatory Offer has not been accepted.

It is also intended that, following the cancellation of the admission to trading of the Faroe Shares on AIM, Faroe would be re-registered as a private company under the relevant provisions of the Companies Act.

Faroe Share Schemes

The Mandatory Offer extends to any Faroe Shares which are issued or unconditionally allotted (including to satisfy the exercise of options and vesting of awards granted and awards made under the Faroe Share Schemes) whilst the Mandatory Offer remains open for acceptance (or prior to such earlier time and/or date as DNO may, subject to the Code, determine).

Full details on the effect of the Mandatory Offer on outstanding options and awards granted and awards made pursuant to the Faroe Share Schemes and on the choices available to Faroe Share Scheme participants will be set out in separate letters to be sent by DNO to such participants in due course.

Overseas Shareholders

The availability of the Mandatory Offer or the distribution of this announcement to Faroe Shareholders who are not resident in the UK or the US may be affected by the laws of the relevant jurisdiction. Such persons should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdiction. Faroe Shareholders who are in any doubt regarding such matters should consult an appropriate independent professional adviser in the relevant jurisdiction without delay.

This announcement does not constitute an offer for sale for any securities or an offer or an invitation to purchase any securities. Faroe Shareholders are advised to read carefully the Offer Document.

Documents available on website

This announcement will be made available on DNO's website at https://www.dno.no/en/investor-relations/offer_announcement_26November.

General

The acquisition by DNO of the entire issued and to be issued share capital of Faroe to be implemented by means of the Mandatory Offer as described in this announcement will, save as set out in this announcement (including Appendix I), be subject to the Condition set out in this announcement and the further terms and conditions of the Offer as set out in the Offer Document and the Form of Acceptance. Accordingly, this announcement should be read in conjunction with the full text of the Offer Document and, in respect of Faroe Shares held in certificated form, the Form of Acceptance, copies of which are available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on DNO's website at https://www.dno.no/en/investor-relations/offer_announcement_26November.

DNO reserves the right to elect, with the consent of the Panel, to implement the Mandatory Offer by way of a scheme of arrangement under Part 26 of the Companies Act. In such event, the scheme of arrangement will be implemented on substantially the same terms, so far as applicable, as those which would apply to the Mandatory Offer, subject to appropriate amendments (including to statutory voting requirements) to reflect the change in method of implementing the Mandatory Offer.

Appendix I sets out the conditions and further terms of the Mandatory Offer. Appendix II sets out the sources and basis of certain information used in this announcement.

Lambert Energy Advisory Ltd and Pareto Securities AS have each given and not withdrawn their consent to the publication of this announcement with the inclusion herein of the references to their names in the form and context in which they appear.

Responsibility

The DNO Responsible Persons, whose names are set out in the Offer Document, accept responsibility for the information contained in this announcement (including any expressions of opinion), except that the only responsibility accepted by them in respect of information relating to Faroe, the Wider Faroe Group and the Faroe Directors, which has been compiled from previously published sources, is to ensure that such information is correctly and fairly reproduced and presented. To the best knowledge and belief of the DNO Responsible Persons, who have taken all reasonable care to ensure that such is the case, the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.

Posts: 261
Opinion: No Opinion
Posted: November 26, 2018

Norway’s DNO has offered to buy Faroe Petroleum

Congratulations to all holders of FPM!

Norway’s DNO has offered to buy Faroe Petroleum Plc for 152 pence per share in cash, valuing the London-listed company at 607.9 million pounds ($779.8 million), said DNO, which already owns just over 28 percent of Faroe.

Posts: 261
Opinion: Buy
Posted: October 19, 2018

Rungne Well Commencement

RNS Number : 5802E
Faroe Petroleum PLC

19 October 2018

Faroe Petroleum plc

("Faroe", "Faroe Petroleum", the "Company")

Rungne Exploration Well in Norway Commences

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce the commencement of the Faroe-operated Rungne exploration well 30/6-30 in the Norwegian North Sea (Faroe 40% working interest).

The Rungne prospect is located in the Norwegian Sea, c. 30 kilometres north west of the Company's Brasse field and immediately north of the producing Oseberg oil field. The well will target the Middle Jurassic Oseberg Formation, with secondary targets in the Etive and Ness formations.

The total expected vertical depth of the well is approximately 3,490 metres, in water depth of 119 metres. Drilling operations will be undertaken using the semi-submersible Transocean Arctic rig. The current joint venture partners in the PL825 licence are Faroe Petroleum (40% and operator), Lundin Norway AS (30%*) and Spirit Energy Norge AS (30%*). Subject to completion of two recent transactions, the PL825 partnership will consist of Faroe (40% and operator), Equinor Energy AS (30%*), Spirit Energy Norge AS (20%*) and DNO Norge AS (10%*).

Graham Stewart, Chief Executive of Faroe Petroleum commented:

"I am pleased to announce the spudding of the Faroe-operated Rungne exploration well, a near field exploration target which provides us with significant upside potential in one of our core areas. The well is in close proximity to the Faroe-operated Brasse field and existing infrastructure, including the producing Equinor-operated Oseberg oil field.

"This is a very active exploration period for Faroe. We have six exploration wells and one appraisal well committed to drill over the coming 12 months, and many more wells lining up for drilling thereafter. The first of these, the Agar/Plantain exploration well in the UK, is currently being drilled, and this will be followed by the Faroe-operated Brasse East well, to be drilled back to back with the Rungne well.

"These exploration wells are targeting a significant unrisked resource potential net to Faroe of 80-150 mmboe. In addition, the appraisal well on the large Iris-Hades discovery, scheduled for H1 2019, has the potential to prove up very significant resources for the Company."

Posts: 261
Opinion: No Opinion
Posted: September 18, 2018

FAROE PETROLEUM POSTS SIGNIFICANT PROFIT

LONDON (Alliance News) - Oil producer Faroe Petroleum PLC on Tuesday said higher oil prices offset lower production for the first half of 2018, though the company has swung to a significant profit.

Revenue for the six months to June came in at GBP67.8 million, down from GBP80.1 million a year prior. However, adjusted revenue was GBP102.2 million, compared to GBP95.5 million a year before.

Faroe said the statutory figure of GBP67.8 million excludes produced, but not lifted, hydrocarbons.

Production was 13,402 barrels of oil equivalent per day, down from 14,800 barrels of oil equivalent a day a year prior. The drop reflects temporary shut-ins at its Trym and Tambar fields, both in the Norwegian North Sea.

Faroe, which does not pay a dividend, posted pretax profit of GBP73.0 million, after a loss of GBP6.1 million. This was driven by a significant fall in the cost of sales as well as a GBP24.5 million gain on its disposal of Norway's Fenja field.

A highlight during the first half was a discovery at its 20%-owned Iris Hades asset offshore Norway, which added 42 million barrels of oil equivalent to Faroe's total resource, nearly doubling the figure. Faroe has an exploration well planned at Iris Hades for the first half of 2019.

Looking ahead, Faroe is guiding for production for 2018 of between 12,000 and 14,000 barrels of oil equivalent per day.

For the medium term, the target is 35,000 barrels of oil equivalent a day, and Faroe said it is fully funded for this and on track to meet the target organically, though acquisitions are still to be considered.

Faroe has a six well confirmed exploration plan, and the company plans to keep developing existing assets.

Chief Executive Graham Stewart commented: "I am pleased to announce the results for the first half of 2018 - a period of strong profitability, effective portfolio management and material exploration success.

"In the medium term we are targeting material increase in shareholder value and cashflow with our fully funded investment programme across the portfolio, encompassing exploration, appraisal, development and production."

He added: "I remain confident in our ability to deliver our stated near to medium term production growth target of 35,000 barrels of oil equivalent per day."

Shares were 0.3% higher on Tuesday morning at 154.40 pence each.

Posts: 261
Opinion: No Opinion
Posted: August 28, 2018

Agar/Plantain Exploration/Appraisal Well Commenc

RNS Number : 9337Y
Faroe Petroleum PLC
28 August 2018

Faroe Petroleum plc

("Faroe", "Faroe Petroleum", the "Company")

Agar/Plantain Exploration and Appraisal Well Commences

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, notes the announcement made today by Azinor Catalyst Limited ("Catalyst"), the operator of the Agar Plantain exploration and appraisal well on the UK Continental Shelf ("UKCS").

Catalyst confirmed that the Plantain exploration well spud at approximately 6:00pm on 24 August 2018 using the Transocean Leader drilling rig. The well is expected to take approximately 28 to 38 days to complete and will be drilled to a depth of 1,845 metres TVDSS. The Plantain well will be followed by a contingent side-track to appraise the discovered Agar field. The total estimated gross cost of well operations is US$15 million. The results will be announced on completion of drilling operations.

Faroe announced on 14 August 2018 that it had farmed into the Agar Plantain exploration and appraisal well taking a 25% interest on the sole risk drilling activity and a 12.5% interest in the wider P1763 Licence alongside Catalyst's existing partners Apache Corporation and Cairn Energy PLC. Plantain is an Eocene oil prospect which follows on from the original Agar oil discovery in 2014 (9/14a-15A) and the analogous Frosk oil discovery (24/9-12 S) made in Norway by AkerBP earlier this year.

Operator volumes in Agar and Plantain have been estimated by Catalyst at a combined mid-case prospective resource of 60 million barrels of oil equivalent, with an upside case of 98 million barrels of oil equivalent.

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

"We are pleased to announce the spudding of the Plantain exploration well which is the first in a sequence of seven committed wells in Faroe's current exploration and appraisal programme. The next prospect is the Faroe-operated Rungne exploration well due to spud in September, located in Faroe's core area of the Norwegian North Sea."

Posts: 261
Opinion: No Opinion
Posted: August 28, 2018

DNO Withdraws Faroe General Meeting Requisition

RNS Number : 9339Y
Faroe Petroleum PLC
28 August 2018

Faroe Petroleum plc

("Faroe", "Faroe Petroleum", the "Company")

DNO Withdraws Faroe General Meeting Requisition

The Board of Faroe Petroleum plc ("Faroe," "Company," "Board"), the independent oil and gas Company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, notes that DNO ASA ("DNO") has withdrawn its notice requisitioning a General Meeting to appoint its own nominated directors to the Board.

The Board is pleased that DNO has withdrawn the requisition which would have been costly and time consuming and, the Board believes, would ultimately have been soundly defeated based on the Board's discussions with its major institutional shareholders.

The Board notes the reasons given for this withdrawal and to which it does not give any credence. However the Board reiterates its views as expressed in its announcement of 16 August 2018, notably that the appointment of DNO nominated directors would be inconsistent with the principle of an independent board and normal practice and precedent for companies operating on the Norwegian Continental Shelf.

Faroe maintains a strong corporate governance culture in line with UK corporate governance best practice with five Independent Non-Executive Directors representing the interests of all shareholders. In keeping with this, the Chief Executive and the Senior Independent Director of Faroe both wrote separately to DNO earlier this year to offer a meeting but no response was received to either communication. The Company welcomes a constructive dialogue with all shareholders and will continue to seek active engagement with DNO as it does with all its major shareholders.

Posts: 261
Opinion: No Opinion
Posted: May 23, 2018

FPM Brasse East Well Commitment

RNS Number : 9451O
Faroe Petroleum PLC
23 May 2018

Faroe Petroleum plc

("Faroe", the "Company")

Brasse East Well Commitment

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce the commitment by the PL740 Brasse Joint Venture partners (Faroe 50% and operator and Point Resources 50%) to drill the Brasse East exploration well and award the associated rig contract, with commencement of drilling operations expected in Q4 2018.

Recent seismic reprocessing and reinterpretation work has identified significant hydrocarbon potential in the vicinity of the eastern flank of the Brasse field, which was discovered in 2016. Success could add further incremental volumes to the existing 2P reserves of 30.7 mmboe (net to Faroe) for the Brasse field development. This new Brasse East exploration well demonstrates the progressive approach being adopted by the Brasse Joint Venture towards derisking the wider prospective areas both to the east and the north east of the Brasse field, which includes the Brasse Extension prospect. It is envisaged that any additional volumes proven by the Brasse East exploration well may be developed in conjunction with the planned Brasse field development.

Faroe, as licence operator, has entered into a contract for the use of the Transocean Arctic semi-submersible rig for drilling of the Brasse East well, back-to-back and immediately following drilling of the Rungne exploration well in PL 825 (Faroe 40% and operator), for which the Transocean Arctic is already on contract. Both wells are expected to be drilled in H2 2018.

The Brasse discovery is located immediately to the south of the Brage field and to the south east of the Oseberg field. At the end of 2017, the Brasse field development feasibility study phase was completed, confirming several economically attractive development solutions and export routes. Concept studies are currently progressing according to plan. The co-venturer in the Brasse PL 740/PL 740 B/PL 740 C licences is Point Resources AS (50%).

Graham Stewart, CEO, commented:

"I am pleased to announce the addition into our 2018 exploration drilling programme of the Brasse East exploration well, which brings the total number of exploration and appraisal wells planned for the year to six. The Brasse development programme continues apace as we work towards concept selection by year end. If successful the Brasse East well could contribute significant additional hydrocarbons, thereby potentially adding further value to this attractive flagship development project.

"Meantime we await results of the ongoing side-track and potential flow testing operations at the Fogelberg field. We are also preparing for drilling of the exciting, high impact Faroe-operated Rungne exploration well, our next exploration well, scheduled to spud in late summer."

Posts: 16
Opinion: Strong Buy
Posted: April 5, 2018

FAROE/DNO

FAROE/DNO: Norwegian oil firm DNO, which early on Wednesday bought a 15.4 percent stake in Faroe Petroleum, said after market close that it aims to further raise its holdings in the British company to around 25 percent.

Posts: 261
Opinion: Strong Buy
Posted: April 4, 2018

Significant discoveries - Hades & Iris prospects

Faroe Petroleum PLC - FPM Significant discoveries - Hades & Iris prospects

RNS Number : 7163J
Faroe Petroleum PLC
04 April 2018

4 April 2018

Faroe Petroleum plc

("Faroe", "Faroe Petroleum", the "Company")

Significant gas/condensate discoveries in Hades and Iris prospects, Norway

Faroe Petroleum, the independent oil and gas Company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce significant discoveries in both the Hades and Iris prospects in licence PL 644 B (Faroe 20%), located in the Norwegian Sea.

The exploration well 6506/11-10 targeted two formations: the Cretaceous Hades prospect and the Jurassic Iris prospect located directly underneath. The well has been drilled to a total depth of 4,536 metres (MD). Preliminary results based on coring, wireline logs, fluid sampling and pressure data show that the well has encountered gas/condensate bearing reservoir within both prospects.

Hades Discovery

In the Hades prospect, at a depth of 3,932 metres (MD), the well encountered a c. 35 metres gross gas/condensate column within the Cretaceous Lange Formation of which 15 metres are net reservoir sandstones of moderate to good reservoir quality. Preliminary gross volumes of recoverable hydrocarbons for the Hades prospect are estimated to be 19 - 113 mmboe, exceeding pre-drill estimates.

Iris Discovery

In the Iris prospect, at a depth of 4,223 metres (MD), the well encountered a 218 metre, high net-to-gross sandstone interval, within the Jurassic Garn Formation, containing a 93 metre column of gas/condensate. Within the gas/condensate column, net reservoir has been estimated at 85 metres, consisting of sandstones of moderate to excellent reservoir quality. Pressure data indicates that the Hades and Iris prospects are separate hydrocarbon accumulations. Preliminary gross volumes of recoverable hydrocarbons for the Iris prospect are estimated to be 19 - 132 mmboe, exceeding pre-drill estimates.

Location within proximity to production infrastructure

The Iris and Hades discoveries are located approximately 8 kilometres to the north of the producing Morvin Field and 20 kilometres to the northwest of the Åsgard Complex, where large quantities of gas and condensate continue to be produced and transported to several landing points on the European continent.

Appraisal programme to be initiated

All data from the two discoveries are being assimilated and a follow-up appraisal programme is now being considered by the operator and partners.

The well was drilled by the Deepsea Bergen semi-submersible drilling rig. Licences PL 644 and PL 644 B are both operated by OMV (Norge) AS (30%), Faroe Petroleum Norge AS (20%), with partners Statoil Petroleum AS (40%)1 and Spirit Energy Norge AS (10%)1. The well will now be plugged and abandoned as planned.

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

"We are very pleased to announce significant discoveries in both the Hades and Iris prospects; both are well in excess of pre-drill estimates. These discoveries are located in one of our core areas and build on Faroe's already significant position in the Norwegian Sea.

"The Hades and Iris prospects, previously known as Aerosmith and Zappa respectively, have been part of Faroe's portfolio for many years, forming the main part of a successful APA licence application made in 2009. It is extremely gratifying to see both of these prospects delivering significant discoveries, further confirming Faroe's consistent and industry-leading exploration track record, which has directly and indirectly generated approximately 75% of our 2P reserves.

"Aside from the ongoing Fogelberg appraisal well, results from which are expected shortly, the Company's exploration programme continues over the remainder of the year, with three further committed exploration wells in Norway: the Rungne (Faroe-operated), Cassidy and Pabow wells."

1Assignment of interest subject to completion

Posts: 261
Opinion: Strong Buy
Posted: April 4, 2018

DNO Announces Acquisition of Minority Shareholding

RNS Number : 7490J
DNO ASA
04 April 2018

DNO Announces Acquisition of Minority Shareholding in Faroe Petroleum

Oslo, 4 April 2018 - DNO ASA, the Norwegian oil and gas operator, today announced that it has agreed to acquire 15.37 percent of the share capital of Faroe Petroleum plc from Delek Group Ltd.

The acquisition covers all Faroe Petroleum ordinary shares held by Delek, totaling 56,355,825, at a price of GBP 1.25 per share for an aggregate purchase price of GBP 70,444,781.

DNO re-entered the North Sea upstream sector in 2017 through the acquisition of Origo Exploration Holding AS after a six-year hiatus during which the Company built a successful Middle East presence anchored by the DNO-operated flagship Tawke field in the Kurdistan region of Iraq.

Following Norway's latest Awards in Predefined Areas (APA) 2017 licensing round, DNO holds interests in 19 exploration licenses offshore Norway and the United Kingdom. In addition to its direct stake in these licenses, the Company has disclosed that it will pursue additional strategic investments and partnerships with established North Sea players. DNO has a long history of strategic shareholdings in oil and gas companies such as Det norske oljeselskap ASA, Rocksource ASA and RAK Petroleum plc.

DNO now has decided to build a long term strategic shareholding in Faroe Petroleum and to support Faroe Petroleum management's growth focused North Sea strategy.

Faroe Petroleum is an independent oil and gas company listed on the UK's Alternative Investment Market (AIM) since 2003 and focused on exploration, appraisal and production activities in Norway and the United Kingdom. At year-end 2017, Faroe Petroleum has stated 2P reserves of 97.7 million barrels of oil equivalent (MMboe) and 2C resources of 78.6 MMboe; 2017 daily production averaged 14,300 boe.

At year-end 2017, on a Company Working Interest (CWI) basis, DNO's 2P reserves stood at 384.1 MMboe and 2C resources at 98.9 MMboe, with 2017 daily average CWI production of 73,700 boe.

Lambert Energy Advisory Ltd and Pareto Securities AS have acted as advisors to DNO in connection with the acquisition.

Posts: 261
Opinion: Buy
Posted: February 5, 2018

FPM - Fogelberg appraisal well commences drilling

RNS Number : 8847D
Faroe Petroleum PLC
05 February 2018

5 February 2018

Faroe Petroleum plc

("Faroe", "Faroe Petroleum", the "Company")

Fogelberg appraisal well commences drilling in the Norwegian Sea

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, is pleased to announce the commencement of the Fogelberg appraisal well and contingent sidetrack 6506/9-4S &4A in the Norwegian North Sea (Faroe 28.3%).

Faroe announced the Fogelberg oil and gas discovery in licence PL433 in April 2010. The 6506/9-2 S well encountered gas and condensate in the Middle Jurassic Garn and Ile formations, and no fluid contacts were observed.

The gross size of the discovery has been estimated to be in a range between 105 and 530 bcf (between 19 and 116 mmboe including the condensate) of recoverable gas and condensate. The volumetric range is large due to the Fogelberg discovery well being located high on the structure. The main objectives of the appraisal well are to narrow this range in the reserves estimates and to provide additional information for development planning.

Fogelberg is located 18 kilometres north west of the producing Åsgard complex where large quantities of gas and condensate have been and continue to be produced and transported to several landing points on the European continent.

The appraisal well will be drilled with the Island Innovator semi-submersible drilling rig, and the joint venture partners are Spirit Energy Norge AS (operator 51.7%) and PGNiG Upstream Norway AS (20%)*.

Graham Stewart, Chief Executive of Faroe Petroleum commented:

"We are pleased to announce the spud of the Fogelberg appraisal well, which aims to derisk and prove up commercial volumes in the Fogelberg field ahead of any decision to develop the field. Fogelberg was one of Faroe's earlier discoveries and has the potential to join a number of development and pre-development projects which are on track to significantly grow Faroe's production, cash flow and value in the coming years. The majority of these developments are a direct result of our drilling success.

"Looking ahead to Faroe's 2018 exploration programme, we continue drilling on the Iris/Hades exploration well in the Norwegian Sea, before drilling the Rugne and Cassidy prospects later in the year."

Posts: 261
Opinion: No Opinion
Posted: January 17, 2018

FPM Eight exploration licences awarded in Norway

RNS Number : 0714C
Faroe Petroleum PLC

17 January 2018

Faroe Petroleum plc

("Faroe Petroleum", "Faroe", the "Company")

Eight exploration licences awarded in Norway

Faroe Petroleum, the independent oil and gas company focussing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce that it has been awarded eight new prospective exploration licences, including four operatorships, in the Norwegian North Sea under the 2017 Norwegian APA (Awards in Pre-defined Areas) Licence Round.

Licence PL926 Blue Libelle - Blocks 33/9, 33/12 and 34/10: Faroe (40% and operator), DNO (30%) and Concedo (30%): The Blue Libelle is on the Tampen Spur on the north-western margin of the North Viking Graben. It is a structural prospect of Middle Jurassic age sandstones that sits between the producing fields Statfjord and Gulfaks. The work programme involves acquiring and/or reprocessing 3D seismic data and a drill or drop decision by February 2020.

Licence PL908 Århus - Block 9/11, 9/12, 10/10 and 10/11: Faroe (30%), Statoil Petroleum (70% and operator): The Århus Prospect is located in the Åsta Graben, north of the Trym Field in the Central Graben where various targets in the Oligocene Vade Formation have been mapped. The work programme involves the acquisition of new 2D data with Electromagnetic data and a drill or drop decision by February 2020.

Licence PL906 Skræmetindan - Blocks 7/11 and 7/12: Faroe (20%), Aker BP (40% and operator), Maersk (20%) and Statoil (20%): The Skræmetindan Prospect is located on the Cod Terrace in the Central Graben. It is a structural prospect of Jurassic age containing sandstones in the Ula Formation. The work programme involves acquiring and reprocessing 3D seismic with a drill or drop decision by February 2020.

Licence PL006E SE Tor Extension - Block 2/5: Faroe (85% and operator), AkerBP (15%): This licence contains a portion of the Paleocene Gomex exploration target which extends outside the existing SE Tor Licence. The work programme is the same as the existing PL006C SE Tor.

Licence PL810B Katie Extension - Blocks 2/1 and 8/10: Faroe (40% and operator), Spirit Energy (30%) and AkerBP (30%): The licence contains the north-eastward extension of the Katie Prospect located on the eastern side of the Oda Development. The work programme is the same as the existing PL810 Katie Licence, involving seismic reprocessing and a drill or drop decision by February 2019.

Licence PL740C Brasse North Extension - Blocks 31/4: Faroe (50% and operator), Point Resources (50%): The licence contains the northward extension of the Brasse Extension on the eastern side of the Brage Field. The work programme is the same as the existing PL740/B Brasse Licence (Faroe 50%).

Licence PL065B Tambar Extension - Block 1/3: Faroe (45%), AkerBP (55% and operator): This licence contains a potential north-westward extension of the Tambar Field. The work programme is the same as the existing PL065 Tambar licence.

Licence PL019E Ula Extension - Block 7/12: Faroe (20%), AkerBP (80% and operator). The licence contains a potential eastward extension of the Ula Field. The work programme is the same as the existing PL019 Ula Licence.

Graham Stewart, Chief Executive of Faroe Petroleum, commented:

"We are very pleased to announce the award of eight new and prospective licences in the latest Norwegian licensing round. We have further consolidated our position in core areas of the Norwegian continental shelf in which we have delivered recent exploration success.

"We look forward to high-grading these new licence opportunities in the coming period. This good quality new exploration acreage, together with our enhanced production portfolio and development pipeline, ensures that our shareholders are exposed to a well balanced and sustainable set of growth opportunities going forward.

"Faroe has a material and exciting drilling programme in 2018. We are currently drilling the Iris and Hades exploration well in the Norwegian Sea, to be followed by the Fogelberg appraisal well. Two further exciting Norwegian exploration wells, Rungne and Cassidy, are planned to be drilled in the second half of 2018."

Posts: 261
Opinion: Buy
Posted: December 19, 2017

FPM Fenja field development plan submission

RNS Number : 8364Z
Faroe Petroleum PLC
19 December 2017

Faroe Petroleum plc

("Faroe", "Faroe Petroleum", the "Company")

Fenja field development plan submission

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce that the partners in the Fenja (previously named Pil/Bue) field (licence PL586) have submitted the Plan for its Development and Operation ("PDO") to the Norwegian Ministry of Petroleum and Energy.

The Fenja field (Faroe 25%) was discovered in 2014, in the Norwegian Sea, approximately 30 kilometres south west of the Statoil-operated Njord field (Faroe 7.5%). The operator of the Fenja development, VNG, estimates that the field contains gross recoverable resources of approximately 100 million barrels of oil equivalent, and is comprised predominantly of oil.

The proposed Fenja field development will comprise three horizontal production wells-one gas injector well and two water injector wells-tied back to the Njord A floating production facility for processing and export via the Njord B floating storage and offloading vessel (FSO). The Fenja licence partners are planning to invest NOK 10.2 billion (£900 million) with planned production start-up in 2021 and a planned field life of 16 years.

Graham Stewart, CEO of Faroe Petroleum commented:

"I am very pleased to announce that the development plan for the Fenja field has now been submitted. When Fenja comes on stream it will provide significant additional volumes across the Njord host facility (Faroe 7.5%, and currently undergoing refurbishment) and contribute considerable cash flow to Faroe. Fenja is another outstanding example of the exploration success and subsequent monetisation Faroe has delivered in Norway.

"As 2017 draws to a close, Faroe Petroleum is in a good place, with a fully funded investment programme, a strong balance sheet, a number of high quality development projects underway to meet our production goals. We also look forward to another high impact exploration programme in 2018, starting with the OMV-operated Aerosmith/Hades well, currently drilling in Norway."

Posts: 261
Opinion: No Opinion
Posted: December 13, 2017

FPM Recommencement of Tambar

RNS Number : 1586Z
Faroe Petroleum PLC
13 December 2017

13th December 2017

Faroe Petroleum plc

("Faroe", "Faroe Petroleum" or the "Company")

Recommencement of production and Infill Programme at the Tambar Field, Norway

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, reports that production from the Tambar field in Norway (Faroe 45%) has recommenced, following the tragic accident on the Maersk Interceptor drilling rig on Thursday, 7 December 2017.

The Tambar infill and gas lift installation programme has also recommenced. A full investigation into the accident on the Maersk Interceptor is being undertaken by the authorities and the Tambar operator (AkerBP).

With the resumption of all activities at Tambar, Faroe's production guidance for the year remains unchanged at 13,000 to 15,000 boepd.

Posts: 261
Opinion: No Opinion
Posted: December 8, 2017

FPM Update on the incident at Tambar Field

RNS Number : 8013Y
Faroe Petroleum PLC
08 December 2017

8th December 2017

Faroe Petroleum plc
("Faroe", "Faroe Petroleum" or the "Company")

Update on the incident at Tambar Field

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, notes the further press release provided below by Aker BP, the operator, regarding the incident reported yesterday at the Tambar field in Norway (Faroe 45%).

Aker BP has confirmed that one person has died following the serious accident on the Maersk Interceptor drilling rig on the Tambar field on Thursday.

The Maersk Interceptor is currently drilling wells on the Tambar field for the Tambar Joint Venture. The deceased, a Norwegian citizen and an employee of Maersk Drilling, fell into the sea during maintenance work on the drilling rig.

Another person, also an employee of Maersk Drilling, was injured during the incident. His condition is not critical. The person has been transported to Stavanger University Hospital.

The report of a serious incident on Maersk Interceptor came at 12.10 on Thursday. How the incident occurred has not yet been clarified. An investigation is under way.

The well currently being drilled by the Maersk Interceptor is secure. Production on Tambar has been shut down temporarily. The emergency response organisation in Aker BP was immediately mobilised and is cooperating closely with Maersk Drilling, the Joint Rescue Coordination Centre (JRCC) and relevant Authorities to manage the situation.

Further updates will be provided as and when more information becomes available.

Posts: 261
Opinion: No Opinion
Posted: December 7, 2017

FPM Incident at Tambar Field continued...

Two offshore workers have been injured in an incident on the Aker BP-operated Tambar field offshore Norway. One of the workers fell into the sea.

Norwegian operator Aker BP confirmed on Thursday that a serious incident was reported on its operated Tambar field in the North Sea at 12.10 local time.

The incident took place on the Maersk Drilling-owned Maersk Interceptor jack-up rig, which currently drills wells on the offshore field.

“Two people employed in Maersk Drilling are injured in the incident. One fell to sea,” Aker BP said.

According to the oil company, the worker was retrieved by a standby boat, and the company is working to bring both involved to land.

Offshore Energy Today has reached out to Aker BP as well as the rig owner, Maersk Drilling, for further information about the incident.

A spokesperson for Aker BP has confirmed to Offshore Energy Today that two SAR helicopters are bringing the injured onshore.

“We have activated our emergency preparedness organization and cooperate closely with the relevant authorities to handle the situation,” the spokesperson added.

A spokesperson for Maersk Drilling has also confirmed the incident, adding that one of the workers was treated on board the rig for injuries and is now being picked up by helicopter. The other employee fell overboard and is on route to the hospital by SAR helicopter and has received immediate medical attention, the spokesperson said.

The Tambar installation is located 16 kilometer southeast of Ula in 68m water depth. It is a normally unmanned wellhead platform (NUI), remotely controlled from Ula. The Ula field center serves as an area hub for the satellite field Tambar, and as a third-party host for the Oselvar and Blane fields.

Aker BP is currently working on a redevelopment project on the Tambar field which consists of two additional wells and gas lift. This is expected to extend the production period from the field by about ten years. The gas lift is being installed because the reservoir pressure at Tambar is no longer sufficient to ensure satisfactory production.

As for the Maersk rig, it was hired to drill and complete two new wells on the field, designated 1/3-K-4 and 1/3-K-2.

Posts: 261
Opinion: No Opinion
Posted: December 7, 2017

FPM Incident at Tambar Field

RNS Number : 7375Y
Faroe Petroleum PLC
07 December 2017

7th December 2017

Faroe Petroleum plc
("Faroe", "Faroe Petroleum" or the "Company")

Incident at Tambar Field

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, notes the press release provided below by Aker BP, the operator, regarding an incident at the Tambar field in Norway (Faroe 45%).

"Aker BP confirmed that a serious incident was reported today at the Tambar field. The incident occurred on the Maersk Interceptor rig which is currently drilling on the field. Two people employed by Maersk Drilling were injured in the incident and both injured individuals are being transferred to shore."

Aker BP have activated emergency preparedness procedures and are cooperating closely with the Joint Rescue Co-ordination Centre (JRCC) and relevant authorities.

A further update will be provided as and when more information becomes available.

Posts: 261
Opinion: No Opinion
Posted: November 29, 2017

Iris/Hades (Aerosmith) exploration well commences

RNS Number : 8183X
Faroe Petroleum PLC
29 November 2017

29th November 2017

Faroe Petroleum plc
("Faroe", "Faroe Petroleum" or the "Company")

Iris/Hades (Aerosmith) exploration well commences

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, is pleased to announce the commencement of the Iris/Hades (Aerosmith) exploration well, 6506/11-10 (Faroe 20%) in licence PL644/PL644B.

The Iris/Hades (Aerosmith) well is located in the Halten Terrace, some 200 kilometres offshore in the Norwegian Sea and adjacent to the producing Morvin and Aasgard fields, operated by licence partner Statoil. The well will target two formations, one in the Cretaceous and the other in the Jurassic.The Cretaceous Hades prospect is a closure on the flank of the Sklinna Ridge, with the Jurassic Iris prospect located directly underneath, within a rotated fault block.

Licence PL644 and PL644B (Faroe 20%) were awarded in February 2012 and are operated by OMV (30%) with partners Statoil (30%) and Centrica (20%). The semi-submersible drilling rig, Deepsea Bergen, will be used for the drilling operations. Results will be announced when operations have been completed, which is estimated to take approximately 90 days.

Graham Stewart, Chief Executive of Faroe Petroleum commented:
"We are pleased to have spudded this well; not only is it good to end the year with another high impact exploration well but it is also good to be drilling a prospect which has been part of our portfolio for a number of years and which is located in an area we know very well and have had significant success in.

"The Iris/Hades (Aerosmith) well marks the end to our 2017 exploration drilling programme, which has continued to deliver value and an industry leading success rate of over 30% due to the diligence and hard work of our in-house technical teams.

"We end 2017 in a great position, with a pipeline of high quality, world class development projects, to grow materially our production and with a very strong balance sheet, which we recently further strengthened with the successful issue of a $100m unsecured bond. I look forward to updating the market on Faroe's progress in early 2018."

Posts: 261
Opinion: No Opinion
Posted: November 10, 2017

FPM Fixed Income Investor Meetings

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, has mandated Danske Bank, DNB Markets and SEB to arrange a series of fixed income investor meetings commencing on 15 November 2017. Subject to market conditions, a senior unsecured bond issue of $100 million, with an expected tenor of five years may follow.

Following the success of Faroe Petroleum's exploration, appraisal and corporate activities, the Company has built a strong and diversified portfolio of producing assets with expected net production of 13-15,000 boepd in 2017, as well as a number of high-quality development projects on the Norwegian Continental Shelf. Whilst there can be no certainty that a debt transaction will follow the Company's investor meetings, any debt raised will support the Company's stated goal of increasing materially its profitable production.

Posts: 261
Opinion: Buy
Posted: November 7, 2017

Re: FPM share price now at 105.25

IMHO, yes. I believe $70 oil will be a reality in December or early 2018. FPM have a lot of things in the pipeline and I expect to see the SP hit the old 115.00 target before the year end.